NOT good for exports then !!!
EUR/USD: Make Or Break At 1.1495; AUD/USD: Short Against 0.7691 - Credit Suisse
EUR/USD has been trapped in a broad sideways range since basing in March 2015, notes Credit Suisse. "For now, our bias is for price and retracement resistance at 1.1495 to ideally cap the October 2015 and April 2016 highs and 78.6% retracement of the August/December decline – with a break below 1.1144/06 needed to mark a fresh top in the range, for a slide back to 1.0883/22 initially. Above 1.1495 would suggest strength can extend back to the 1.1714 August 2015 high, and more likely 1.1808– the 38.2% retracement of the 2014/2015 collapse," CS argues. "With a multi-year top in place, we remain of the view this ... (full story)